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Budget 2021: Five money-saving announcements to watch out for in FM’s speech

Budget 2021 is expected to give relief to taxpayers. Experts predict a rejig of new income tax regime and additional health insurance benefits

January 31, 2021 / 01:32 PM IST

The Budget would be streamed in a few hours. The echoes are growing stronger for certain expectations from the Union Budget 2021-22 to be presented by Finance Minister Nirmala Sitharaman. If you are an individual tax payer, then this is what you should be looking out when finance minister Nirmala Sitharaman reads out her Budget speech.

New Income-tax regime rates

Despite the new income-tax regime levying lower tax rates, anecdotal evidence suggests that a large section of taxpayers has not opted for it. While the rates for the new tax regime are lower than the existing one, there is a need to slash them further. The primary reason to reduce the tax rates further is that out of the 70 exemptions and deductions – that need to be given up when you accept the new tax regime – many are linked to expenses and not just additional investments to be made for tax savings.

Also read: Which income-tax regime should you choose; old or new? A 5-step guide